Reinsurance Group Of America Inc. (RZC) intrinsic value & 10-year financials
Reinsurance Group Of America Inc. (RZC) has a Graham intrinsic value of $302.19 per share. Over the last 10 fiscal years revenue grew 8.3% a year to $23.7B, with an average return on invested capital of 8.1%.
- Graham intrinsic value
- $302.19
- Revenue (FY2025)
- $23.7B
- Revenue growth (10-yr CAGR)
- 8.3%
- ROIC (10-yr avg)
- 8.1%
- Free cash flow (FY2025)
- —
RZC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $23.7B | $1.2B | $17.69 | — | — | 8.6% |
| FY2024 | $22.1B | $717.0M | $10.73 | — | — | 6.2% |
| FY2023 | $18.6B | $902.0M | $13.44 | — | — | 11.5% |
| FY2022 | $16.3B | $623.0M | $9.21 | $1.3B | — | 6.6% |
| FY2021 | $16.7B | $617.0M | $9.04 | $4.2B | — | 4.4% |
| FY2020 | $14.6B | $415.0M | $6.31 | $3.3B | — | 3.0% |
| FY2019 | $14.3B | $870.0M | $13.62 | $2.3B | — | 7.7% |
| FY2018 | $12.9B | $715.8M | $11.00 | $1.6B | — | 7.0% |
| FY2017 | $12.5B | $1.8B | $27.71 | $1.9B | — | 18.2% |
| FY2016 | $11.5B | $701.4M | $10.79 | $1.4B | — | 7.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
REINSURANCE GROUP OF AMERICA INC is a consistent compounder, expanding top-line revenue at 8.3% annually over the past decade.
REINSURANCE GROUP OF AMERICA INC returns on capital have been average, hovering around 8.1% ROIC over the decade.
REINSURANCE GROUP OF AMERICA INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, REINSURANCE GROUP OF AMERICA INC is modeled at 5.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $302.19 per share.